How QE impacts gold
Quantitative easing, or QE, is when the Federal Reserve creates money to buy bonds, pushing long-term interest rates down when cutting its policy rate is not enough.
The record has four QE launches: November 2008, November 2010, September 2012 and March 2020.
Twelve months after the announcement month, gold was higher in three of the four, with a median gain of 17.4%.
The exception was QE3: a year after September 2012, gold was 22.7% lower, in the middle of its 2013 slide.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026